Global public debt is set to top $100 trillion by the end of 2024, IMF says

The world’s total public debt is forecast to exceed $100 trillion this year for the first time and could increase more because of higher spending pressures from governments as well as the slowdown in the global economy, according to a new report from the International Monetary Fund.
Global public debt will reach about 93 per cent of global gross domestic product by the end of 2024 and will approach 100 per cent by 2030. This would be up 10 percentage points from 2019, before the coronavirus pandemic boosted government spending to support economic growth.
“Fiscal policy uncertainty has increased, and political red lines on taxation have become more entrenched,” the Washington-based lender said on Tuesday.
“Spending pressures to address green transitions, population ageing, security concerns, and long-standing development challenges are mounting.”
The report comes as the US heads to polls next month to elect a new president. Both the contesting candidates, Donald Trump and Kamala Harris, have promised new tax breaks and welfare policies that could increase spending in the world’s largest economy.
More to follow …